The IRS CID (Criminal Investigations Division) started digging into $1.2B in fraudulent Employee Retention Credit claims as of April 30th.
They found ELEVEN cases with FEDERAL CHARGES, six resulting in 22-MONTH SENTENCES.
Don't get sucked in by false claims on this. If you're not sure about eligibility, then you need to talk to your tax pro -- I'm here if you have questions.
The rules for required minimum distributions (RMDs) got updated last year via the SECURE Act 2.0.
WHAT'S CHANGED:
The new age for taking RMDs is now 73 and in 10 years, the deadline age for starting to take RMDs will jump to 75. The penalty for failing to take your RMD drops to 25% this year — even down to 10% if you correct an RMD mistake soon enough. However, you don’t have to take RMDs at all from your Roth 401(k) starting next year, if you don’t want to.
WHAT TO WATCH OUT FOR:
If you don’t need the money, you can still delay taking your first RMD until April 1 of the year following your deadline (73rd) birthday… but this means you could wind up having to take two RMDs in one year AND getting hit with a bigger tax bill. Delaying RMDs until the last minute also means potentially larger mandatory withdrawals — and more taxes down the road.
Let us know if you want help with crunching the numbers to make sure nothing gets lost in the process.
The new FinCEN reporting requirement is about getting information on each beneficial owner in your company.
They want four pieces of information: name, birthdate, residential address, and a unique identifying number and issuing jurisdiction from an acceptable identification document (that's fancy speak for government ID, driver's license, or passport) -- and an image as proof.
This will apply for domestic and foreign reporting companies. Though there are 23 exemptions to this list. Not sure where you fall? Check out their list:
Beneficial Ownership Information Reporting Requirements
www.federalregister.gov
FinCEN is issuing a final rule requiring certain entities to file with FinCEN reports that identify two categories of individuals: the beneficial owners of the entity, and individuals who have filed a...What's one way we've helped bring you or your business peace of mind?
Crisis is a word that gets used a lot these days. Especially in headlines.
It’s loaded with meaning… and feelings. These days you might find yourself spinning out with something like panic, dread, fear, anxiety, and any variety of mental/emotional swirls.
Worse, it can get you caught up in an “us and them” mindset about how the problem should be dealt with. Crisis mixed with politics in a never-ending media reel can eventually work almost any sound-minded person into a frenzied state.
Kind of like what’s been going on with the economy, and the failed banks, and now the potential debt ceiling “crisis.” It’s not that these aren’t things that have real repercussions, but there’s also a lot that’s out of your hands.
What is your hands? Where you put your focus.
So, focus on what you CAN control.
An AI investment advisor? Interesting...
JPMorgan is developing a ChatGPT-like A.I. service that gives investment advice
www.cnbc.com
Banks including Goldman Sachs and Morgan Stanley are testing A.I. internally, but JPMorgan may be the first to release a GPT-like product directly to customers.
Google is doing some spring cleaning. If you've got an old Gmail account gathering dust that you want to keep using, time to find your old password and jump back in there.
If you don't want it, Google's got you.
Google will start deleting inactive accounts after two years
arstechnica.com
Google says you'll get lots of emails before your account is deleted.